Login



Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


The Kuwait Thread (merged)

Discussions related to the global politics of energy use and acquisition.

Re: Kuwait to Develop Heavy Oil Reserves by 2020

Unread postby DantesPeak » Sun 28 Oct 2007, 10:16:12

Tanada wrote:
DantesPeak wrote:
Why Kuwait wants to shift to heavy oil?
Published Date: October 28, 2007
By Rania El Gamal, Staff writer

Kuwait has traditionally produced and exported mainly medium to light crude since the 1950s. Now KOC is pushing for more involvement of international oil companies in developing its heavy oil assets. But why is Kuwait shifting to heavy oil production?




They ask the question, but they don't supply and answer. Most of us beleive it is PO, but the reporter never gives an answer.


I thought thought that funny too. I suppose the reader has to figure this out for themselves, since they admit they've passed peak:

"Burgan by itself won't be enough because we've exhausted that, with its production capability now much lower than what it used to be"


I wonder though how Exxon is going to get employees to clear those mine fields. :)
It's already over, now it's just a matter of adjusting.
User avatar
DantesPeak
Expert
Expert
 
Posts: 6277
Joined: Sat 23 Oct 2004, 02:00:00
Location: New Jersey

Re: Kuwait to Develop Heavy Oil Reserves by 2020

Unread postby shortonoil » Sun 28 Oct 2007, 10:36:50

DantesPeak said:

I thought thought that funny too. I suppose the reader has to figure this out for themselves, since they admit they've passed peak:


If we knew the URR of these fields we could calculate the ERoEI of this stuff. That could give us an idea as to whether this project is going to be a serious contributor to oil supply, or some Kuwaiti fantasy expedition, or propaganda exercise.
User avatar
shortonoil
Fission
Fission
 
Posts: 3084
Joined: Thu 02 Dec 2004, 03:00:00
Location: VA USA

Re: Kuwait to Develop Heavy Oil Reserves by 2020

Unread postby shortonoil » Sun 28 Oct 2007, 10:47:23

Two years ago, Kuwait estimated the cost of the project at $8.5 billion.


That should be about $25 billion by the time they bring them online!
User avatar
shortonoil
Fission
Fission
 
Posts: 3084
Joined: Thu 02 Dec 2004, 03:00:00
Location: VA USA

Re: Kuwait to Develop Heavy Oil Reserves by 2020

Unread postby oilluber » Sun 28 Oct 2007, 10:53:36

shortonoil wrote:
Two years ago, Kuwait estimated the cost of the project at $8.5 billion.


That should be about $25 billion by the time they bring them online!


Another high-risk investment by the oil companies.
Exxon better NOT do it, the risk of political turmoil
or being booted out after the completion of the project
like in Alberta and Venezuela.

The CFO of EXXON must protect its shareholders first.
User avatar
oilluber
Heavy Crude
Heavy Crude
 
Posts: 493
Joined: Sun 03 Jul 2005, 02:00:00

Re: Kuwait to Develop Heavy Oil Reserves by 2020

Unread postby Gazzatrone » Mon 29 Oct 2007, 08:35:39

By which time it will be a product nobody wants and most of all nobody can afford.
THE FUTURE IS HISTORY!
User avatar
Gazzatrone
Intermediate Crude
Intermediate Crude
 
Posts: 581
Joined: Mon 07 Nov 2005, 03:00:00
Location: London, UK

Kuwait to spend $51 bln on oil development, expand output

Unread postby Oil-Finder » Mon 04 Feb 2008, 17:52:48

--> LINK <--

Highlights:
- Raise oil output from 2.7 million bpd to 4 million bpd by 2020.
- Construction of a new 615,000 bpd refinery.
- Upgrade existing refineries.
- Develop currently undeveloped oil fields in the nation's north.
- Expand exploration activities.
User avatar
Oil-Finder
Intermediate Crude
Intermediate Crude
 
Posts: 630
Joined: Tue 11 Dec 2007, 03:00:00
Location: Seattle

Re: Kuwait to spend $51 bln on oil development, expand outpu

Unread postby pstarr » Mon 04 Feb 2008, 18:04:13

Oil-Finder wrote:--> LINK <--

Highlights:
- Raise oil output from 2.7 million bpd to 4 million bpd by 2020.
Not reassuring given that Kuwait is one of only several biggies (with Iraq) not in decline. So that 1.3 bpd will somehow supply the 20 million bpd in demand growth expected by 2020?
- Construction of a new 615,000 bpd refinery.
- Upgrade existing refineries.
This will allow them to consume more of the refined stuff and ship us less. That is the sorrow of the Export Land dilemma. We buy more, they get richer and consume more, and the we get to buy less. damn :x
- Develop currently undeveloped oil fields in the nation's north.
- Expand exploration activities.
Is this the little itty bitty 1.3 mbpd above?
Yikes!
pstarr
Expert
Expert
 
Posts: 17163
Joined: Mon 27 Sep 2004, 02:00:00
Location: Behind the Redwood Curtain

Re: Kuwait to spend $51 bln on oil development, expand outpu

Unread postby Oil-Finder » Mon 04 Feb 2008, 18:13:58

pstarr wrote:This will allow them to consume more of the refined stuff and ship us less.

I would assume that most of that refined oil is intended for export, not for internal use. Kuwait only consumes about 335,000 bpd (source), so if they're going to build a whole new refinery with a capacity almost double that, you can be sure they expect most of its output to be for export.
User avatar
Oil-Finder
Intermediate Crude
Intermediate Crude
 
Posts: 630
Joined: Tue 11 Dec 2007, 03:00:00
Location: Seattle

Re: Kuwait to spend $51 bln on oil development, expand outpu

Unread postby eastbay » Mon 04 Feb 2008, 19:00:52

Yeah, maybe export it to Iraq to supply a desperate and losing occupation army.
Got Dharma?

Everything is Impermanent. Shakyamuni Buddha
User avatar
eastbay
Moderator
Moderator
 
Posts: 7181
Joined: Sat 18 Dec 2004, 03:00:00
Location: One Mile From the Columbia River

Re: Kuwait to spend $51 bln on oil development, expand outpu

Unread postby Oil-Finder » Mon 04 Feb 2008, 19:08:21

eastbay wrote:Yeah, maybe export it to Iraq to supply a desperate and losing occupation army.

It would appear Iraq does not have to worry about that.
User avatar
Oil-Finder
Intermediate Crude
Intermediate Crude
 
Posts: 630
Joined: Tue 11 Dec 2007, 03:00:00
Location: Seattle

Re: Kuwait to spend $51 bln on oil development, expand outpu

Unread postby eastbay » Mon 04 Feb 2008, 19:44:31

I don't mean to quibble... however...

On the contrary, it appears they do need to worry because Iraq is almost quite dependent on other nations for gasoline and other finished petroleum products.

The US military requires a sizable share of this and must have a reliable source... can't get more reliable than the US militaries very own water boy and towel holder, Kuwait.
Got Dharma?

Everything is Impermanent. Shakyamuni Buddha
User avatar
eastbay
Moderator
Moderator
 
Posts: 7181
Joined: Sat 18 Dec 2004, 03:00:00
Location: One Mile From the Columbia River

Re: Kuwait to spend $51 bln on oil development, expand outpu

Unread postby joeltrout » Mon 04 Feb 2008, 20:58:03

eastbay wrote:
The US military requires a sizable share of this and must have a reliable source... can't get more reliable than the US militaries very own water boy and towel holder, Kuwait.


The one major exception is if Democrats take office most likely the US will be pulled out of Iraq and therefore the country could fall apart (more than it is) reducing the fuel consumption.

joeltrout
joeltrout
Light Sweet Crude
Light Sweet Crude
 
Posts: 1297
Joined: Wed 19 Sep 2007, 02:00:00

Re: Kuwait to spend $51 bln on oil development, expand outpu

Unread postby eastbay » Mon 04 Feb 2008, 22:00:35

Good point. Kuwait appears to be [s]betting[/s] hoping that the occupation will continue... which it will if any of the Stupid Oil War Party candidates win.
Got Dharma?

Everything is Impermanent. Shakyamuni Buddha
User avatar
eastbay
Moderator
Moderator
 
Posts: 7181
Joined: Sat 18 Dec 2004, 03:00:00
Location: One Mile From the Columbia River

Kuwait to spend $51 bln on oil development

Unread postby Graeme » Tue 05 Feb 2008, 20:10:11

Kuwait to spend $51 bln on oil development

The Gulf state of Kuwait plans to spend 51 billion dollars over the next five years to upgrade its vital energy sector which generates 95 percent of its revenue, a top oil executive said Monday.

"We plan projects worth 51 billion dollars for upstream and downstream projects in the oil sector... up until early 2013," said Saad al-Shuwaib, chief executive officer of national conglomerate Kuwait Petroleum Corp (KPC).

The projects include raising Kuwait's oil output capacity from 2.7 million barrels per day (bpd) to four million bpd by 2020, besides building a large refinery and upgrading existing refineries, he said.


AFP
Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
User avatar
Graeme
NeoMaster
NeoMaster
 
Posts: 11786
Joined: Fri 04 Mar 2005, 03:00:00
Location: New Zealand

Re: Kuwait to spend $51 bln on oil development

Unread postby MD » Tue 05 Feb 2008, 20:12:28

Hope it's not just empty chatter.
Stop filling dumpsters, as much as you possibly can, and everything will get better.

Just think it through.
It's not hard to do.
User avatar
MD
COB
COB
 
Posts: 4305
Joined: Mon 02 May 2005, 02:00:00
Location: On the ball

Re: Kuwait to spend $51 bln on oil development

Unread postby Oil-Finder » Tue 05 Feb 2008, 21:36:04

Let the record show again that I am not the only one who posts threads on topics that have already been posted, as I have been accused of doing. And just like the last time I said this yesterday, the other thread on this topic is still on the same page! At least I posted a duplicate topic on a thread that was 5 months old!
http://www.peakoil.com/fortopic36239.html
User avatar
Oil-Finder
Intermediate Crude
Intermediate Crude
 
Posts: 630
Joined: Tue 11 Dec 2007, 03:00:00
Location: Seattle

Re: Kuwait to spend $51 bln on oil development

Unread postby Graeme » Tue 05 Feb 2008, 23:56:24

Sorry Oil-Finder, Mods please delete this thread.
Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
User avatar
Graeme
NeoMaster
NeoMaster
 
Posts: 11786
Joined: Fri 04 Mar 2005, 03:00:00
Location: New Zealand

Re: Kuwait to spend $51 bln on oil development

Unread postby pup55 » Wed 06 Feb 2008, 09:08:15

$51 billion, an increase of 1.3 mbpd. .5 gbpy.

Their reserves are 100 gb, according to the BP review, so there is still plenty of oil to be pumped.

This comes out to about $3.60 per barrel, over the next 30 years. Pretty good investment.

They will be pumping a total of 4 mbpd, 1.4 gbpy, so that's still 50+ years of supply at their current rate of output.

The increase of 1.3 mbpd will just about make up for the loss of the UK production in that time frame, which at the current rate of 7% per year will be down to about .7 mbpd in 12 years, a decline of 1.1 mbpd from the current level.

If the global decline rate of current fields is 4%, like CERA, the world experts in energy analysis says, this means that the world will need just about 10 projects just like this in order to keep the flow of oil constant at 85-86 mbpd, between now and 2020, and presumably, another one every two years after that. This is just to keep us even, not counting any demand growth, and also, not including any other fields that might go into decline between now and then.

So, keep up the good work Kuwait.
User avatar
pup55
Expert
Expert
 
Posts: 5249
Joined: Wed 26 May 2004, 02:00:00

Re: Kuwait to spend $51 bln on oil development, expand outpu

Unread postby Oil-Finder » Wed 06 Feb 2008, 20:32:36

Ordering new tankers to deliver all that new oil.

--> LINK <--
User avatar
Oil-Finder
Intermediate Crude
Intermediate Crude
 
Posts: 630
Joined: Tue 11 Dec 2007, 03:00:00
Location: Seattle

Re: Kuwait to spend $51 bln on oil development, expand outpu

Unread postby Tanada » Thu 07 Feb 2008, 07:12:35

Oil-Finder wrote:Ordering new tankers to deliver all that new oil.

--> LINK <--


Isn't this more the fact that single hull tankers are being phased out under international agreements?
I should be able to change a diaper, plan an invasion, butcher a hog, design a building, write, balance accounts, build a wall, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, pitch manure, program a computer, cook, fight efficiently, die gallantly. Specialization is for insects.
User avatar
Tanada
Site Admin
Site Admin
 
Posts: 8303
Joined: Thu 28 Apr 2005, 02:00:00
Location: South West shore Lake Erie, OH, USA

PreviousNext

Return to Geopolitics

Who is online

Users browsing this forum: No registered users and 1 guest